“We are what we repeatedly do. Excellence then, is not an act but a habit.”–Aristotle
OWNERS NEWSLETTER – AUGUST 2019
NEW ARMY BRIGADE – In my May 2018 newsletter, I discussed the Department of the Army’s announcement of a new brigade being assigned to Fort Hood. The 3rd Security Force Assistance Brigade (SFAB), one of six brigades the Army has authorized, was formally activated last month at Fort Hood. The brigade is made up of approximately 820 officers and noncommissioned officers. All are professional combat advisors. Fort Hood presently has slightly less than 37,000 assigned soldiers, with roughly 5,700 soldiers currently deployed abroad, including 432 troops on the Mexican border.
TRANSFER ON DEATH DEED – A relatively recent Texas law allows real property owners (in Texas) to record a “Transfer on Death Deed” (TODD) naming a beneficiary to own that property after they die. A properly recorded TODD skips the expensive and lengthy probate and allows the beneficiary to avoid court costs, administrative costs, attorney fees, etc. The TODD doesn’t completely replace a will, but it does allow you to transfer ownership of your real property outside of the will. A TODD can be a very handy instrument, especially if a will is disputed or challenged. Additionally, if your will names someone to inherit your real property and you’ve since decided you’d rather another person to receive it after you die, a properly executed TODD trumps the will. Whether you own 100% of the real property, 50%, or as little 1%, the TODD allows you to select the beneficiary of your share. You can also name more than one beneficiary. Your beneficiary can be person, organization, institution, or a charity. A TODD also excludes the real property from Medicaid estate recovery. A will doesn’t exclude the real property from Medicaid estate recovery, which can collect back for five years. Since a TODD doesn’t take effect until you die, you are free to sell your property while you are alive, get loans on it, and maintain your tax exemptions. Disclaimer: Please note, this article is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
TEXAS RANKINGS – According to a WalletHub study, Texas is the tenth most fun state and is tied for first with California, Florida, and New York for the most restaurants per capita. Texas is ranked the fifth best state for summer road trips, and twelfth best state in the nation for jobs. Austin is ranked the fifth best place to start a career and also fifth in the highest monthly average starting salaries and fourth in the top large cities to start a business.